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Douglas Dynamics 401(k) retirement plan: the investment options
Does your 401(k) vote the way you would? $124m of the $178m in the Douglas Dynamics plan votes in secret. Fidelity 500 Index Fund, the most common fund in the plans we track, publishes every vote: answer 3 of its ballots, then see your result.
The question on the ballot
As filed
Douglas Dynamics 401(k) match and balances, from the filing
- Company money in
- about $2,970 per active participant
- $5m in plan year 2024
- Employees saved
- about $5,460 each
- $9m in plan year 2024
- Average balance
- $79,800
- 1,979 people with a balance
- In the plan
- $158m
- at the end of plan year 2024
Company money is the match plus any other employer contributions, averaged over all 1,629 active participants, including anyone who did not contribute. The filing reports dollars, not the match formula; the plan’s summary plan description states the formula.
SourceThe plan’s annual report to the Department of Labor — Form 5500, Schedule H, plan year 2024 · filed by DOUGLAS DYNAMICS, L.L.C. as “DOUGLAS DYNAMICS, L.L.C. 401(K) PLAN” · EIN 421623692, plan number 006 · search the filings
The Douglas Dynamics 401(k) holds $178m. Of the $124m we could identify from the plan’s own filing, every dollar sits in a fund that publishes no record of how it voted your shares — collective trusts, which unlike a mutual fund file no Form N-PX and leave no public trace of a single vote.
SourceDouglas Dynamics’s own annual retirement-plan filing with the SEC (Form 11-K, Schedule of Assets) · open the filing
| What the plan holds | Vehicle | Voting record | Value |
|---|---|---|---|
| Great Gray Trust Companylisted as “RetirePilot Moderate 2035 Retirement Fund” | Collective trust or separate account | NONE | $27m |
| Great Gray Trust Companylisted as “RetirePilot Moderate Retirement Fund” | Collective trust or separate account | NONE | $23m |
| Great Gray Trust Companylisted as “RetirePilot Moderate 2045 Retirement Fund” | Collective trust or separate account | NONE | $22m |
| Great Gray Trust Companylisted as “RetirePilot Moderate 2055 Retirement Fund” | Collective trust or separate account | NONE | $20m |
| Fidelity Investmentslisted as “Fidelity 500 Index Fund” | Not identified from the filing | Not counted either way | $14m |
| T. Rowe Price Fundslisted as “T. Rowe Price Capital Appreciation Fund” | Not identified from the filing | Not counted either way | $9m |
| Great Gray Trust Companylisted as “Large Cap Value” | Collective trust or separate account | NONE | $7m |
| Great Gray Trust Companylisted as “RetirePilot Moderate 2065 Retirement Fund” | Collective trust or separate account | NONE | $6m |
| Principal Life Insurance Companylisted as “Principal Fixed Income Guaranteed Option” | Not identified from the filing | Not counted either way | $6m |
| Great Gray Trust Companylisted as “Large Cap Growth Fund” | Collective trust or separate account | NONE | $5m |
| Fidelity Investmentslisted as “Fidelity Small Cap Index Fund” | Not identified from the filing | Not counted either way | $4m |
| Participant Loanslisted as “Notes receivable from participants (1) -” | Participant loans | No shares to vote | $4m |
The 12 largest holdings in the plan. “Vehicle” is the description the filing itself gives each investment.
Why there is nothing to show
A mutual fund has to file Form N-PX every year listing every vote it cast on your behalf. A collective investment trust does not. It is a bank-run vehicle sold only inside retirement plans, it is cheaper, and it is now where most 401(k) default money sits — including most target-date funds, which is where savers who never chose anything are put.
So the shares bought with Douglas Dynamics employees’ retirement savings are voted every proxy season — on executive pay, on board seats, on climate and workforce proposals — and there is no public document anywhere recording how. This is not an oversight by Douglas Dynamics; it is what the disclosure rules currently require, which is to say: nothing.
What you can do
Check whether your plan offers any registered fund as an alternative — those publish their records, and you can read them here. If it does not, the menu itself is the thing that has to change, and that is a decision made by the plan’s fiduciary committee, not by you alone.
See how funds that do publish voted →
CoverageWe classified 74.3% of this plan’s assets from the filing. The figure above is the share of the money we could classify; anything we could not identify is excluded from it rather than assumed either way.
Other employer plans
The largest employer plans on the site, and a few more. Each page shows what the plan’s funds did with the shares its savers paid for.